Levine Builders reports strong growth in 2002

Real Estate Weekly, Jan 15, 2003

Despite the slowdown in the construction industry this year, Levine Builders, a construction and development firm based in Douglaston, N.Y., completed numerous projects and boasted strong growth in 2002. After producing more than 260 residential units in the metropolitan area, Levine Builders this year brought its total residential portfolio to over 2000 units.

"We made great strides in 2002, despite a tough year for the construction industry," said Jeffrey E. Levine, president of Levine Builders. "The highlights for us were the completion of The Cameo on West 50th Street and 8th Avenue, which is now fully leased, and our continued work on affordable homes in the boroughs, like the Evelyn Burns Homes at Ocean Hill North in Brooklyn, which were completed in October."

In January, students from the School of Visual Arts began moving into the school's largest student housing facility ever at 215 East 23rd St. The 22-story, $30 million building, built by Levine Builders, is located adjacent to the school's main administrative buildings, making it an ideal place for student residences. The housing facility has 74 apartments, accommodates 360 students, and offers sweeping views of Midtown Manhattan and the East River.

In February, Levine Builders completed The Cameo, a 7-story, 102-unit luxury rental building located at 311 West 50th St. The $25-million building, which was fully leased less than three months after opening, contains studio, one-, and two-bedroom apartments, ranging from 475 to 1,100 SF. The building complements the substantial amount of residential redevelopment in the area.

"The Clinton district is seeing a lot of new construction and investment," said Levine. "The Cameo extends the transformation of Eighth Avenue in the 50's as a desirable residential address."

In June, the company completed construction of the 12-story building, 171 Lexington Ave. at 31st Street. The building was developed through a joint venture between Vornado 175 Lexington, Inc., a subsidiary of Vornado Realty Trust, to produce 41 residential apartments for low-income senior citizens and to create Inclusionary Zoning Bonus Certificates. The building was gifted to the Metropolitan New York Coordinating Council on Jewish Poverty, a non-profit organization which operates the building and provides social services to the tenants.

Levine Builders ended the year on a strong note with the completion of the Evelyn Burns Homes at Ocean Hill North in Brooklyn. The $12.3-million, two-family homes are providing homeownership opportunities to 45 families. The homes sold for an average of $214,961 to buyers with household incomes between $34,000 and $75,000. Each three-bedroom owner's unit includes a two-bedroom renter's unit, private rear yard and wall-to-wall carpeting. Suna/Levine Industries, Inc., a partnership of Levine and Stuart Match Suna, served as developer.

Adding to his growing list of association memberships, the Real Estate Board of New York (REBNY) appointed Levine to its Board of Governors in October 2002. The appointment gives Levine a vote with the board, which serves as the main representative body for the real estate industry in New York.